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Oil prices steadied on Monday after U.S. President Donald Trump played down the possibility of new strikes on Iran as long as diplomatic talks continue to make progress, despite ongoing supply risks linked to attacks near the Strait of Hormuz. Brent crude stood at $98.35 a barrel, while U.S. West Texas Intermediate rose 0.5% to $91.30, after Brent fell 16% last week. A JPMorgan report projected a return to a supply surplus as flows recover, production rises and demand weakens, estimating the surplus at around 1.4 million barrels a day in October.
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